# Suppose that the demand for a product is given by  p= 1/2ln (5000-q/q+1) where p is in hundreds of dollars and q is the number of tons.  (a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is $371? (b) Is the demand elastic or inelastic? Question Suppose that the demand for a product is given by p= 1/2ln (5000-q/q+1) where p is in hundreds of dollars and q is the number of tons. (a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is$371?

(b) Is the demand elastic or inelastic?